Retirement plan consultants in Shreveport, LA. Adopting a retirement plan such as 401(k) is a wise step for Shreveport, LA businesses and business owners looking for a way to stand out. These plans are a vital component in retaining and attracting top talent, providing employees with a sense of security, and fostering a committed workforce. But, for businesses who haven't established a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Shreveport, LA financial advisory firm that specializes in helping companies establish and manage customized retirement plans, tailored to the needs of both your business and workers. We love exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that motivates their leaders. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest. If you're in search of a retirement plan consultant in Shreveport, LA to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with one of our financial advisors today.
Benefits of Starting a Retirement Plan for Your Shreveport, LA Business
To understand what a 401(k) or other retirement plan could mean for your Shreveport, LA business, it's important to look at what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say the country is in a retirement crisis; 2 in 5 worry they will live longer than their savings last (Source)
- Almost half of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, over half of respondents said their primary source of income in retirement will be their 401(k) (Source)
- Three-fifths of employees cited their employers' retirement plan as a reason they remain; 47% said it's an essential reason to join a company; 44% ranked it in their three top most desired benefits (Source)
- More than three-quarters of employees with access to a plan opt-in (Source)
- 78% of Gen Z and Millennial 401(k) plan participants are interested in customized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make sound financial decisions with the help of a financial advisor (Source)
Retirement savings is a huge concern for most Americans, and Shreveport, LA companies that sponsor retirement plans give themselves a significant edge when it comes to attracting and retaining talent. Beyond that, there are a bevy of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Employer contributions are tax-deductible
- Tax-free earnings on assets
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits , among other advantages from the SECURE ACT 2.0, can lower initial costs
- Higher employee retention lowers the annual cost of training new employees
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed until withdrawal
- Contributions are easy to make through payroll deductions
- Even small, regular contributions can accumulate into significant retirement savings
- Assets can be rolled over by participants if they change employers
- Improved financial security in retirement
Types of Retirement Plans Available for Shreveport, LA Businesses
If you're thinking about setting up a retirement plan for your Shreveport, LA business, there are a multitude of plan options that may be right for your business:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s enable for diverse investments including stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a portion of their income before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions are required to be fully vested when made. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Comparable to 401(k)s, 403(b)s are tailored for employees of non-profit entities.
- Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans are based on employees contributing a specific amount or percentage of their paycheck, defined benefit plans promise a guaranteed monthly withdrawal in retirement. These plans are largely employer-funded, and the company assumes the investment risk.
- Cash Balance Plans — Cash balance plans are one form of defined benefit plan that tracks each participant's balance in a hypothetical account, which increases every year through employer contributions and an annual interest rate. This plan offers predictable benefits like a traditional pension but with personalized accounts similar to a defined contribution plan. It's an appealing option for businesses seeking a middle ground between the certainty of pensions and the adaptability of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with no significant paperwork, and contributions are deductible for the business. They're especially well-suited for businesses with fluctuating income, as the contribution amounts can be adjusted annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are designed for small businesses with 100 or fewer employees. These plans are easier to set up and maintain than 401(k)s but allow employees to contribute a percentage of their income to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses looking to offer a more traditional retirement plan without the red tape associated with larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow employers to make discretionary contributions to their employees' retirement funds. Contributions are often made from company stock, giving employees a direct stake in the company's success. These plans can be structured in many ways, offering flexibility in how contributions are calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs give employees with company stock, providing a stake of ownership in the business. ESOPs are not only a retirement benefit but also synchronize employees' interests with the company's performance, potentially boosting productivity and job satisfaction. ESOPs can also complement a company's succession planning as ownership shares can be passed to top employees who will eventually lead of the business.
What Can Correct Capital's Shreveport, LA Retirement Plan Consultants Do for My Business?
Our Shreveport, LA retirement plan consultants are currently managing over 30 plans in companies of all sizes, and represent over $230 million in total plan assets across the United States. Our expertise and experience allows us to offer a range of services that include both the initial set up and ongoing support:
- Plan selection — We'll help with evaluating and selecting the most suitable retirement plan for your unique company, considering factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to select a plan that provides the best benefits to your employees while being economical for your business.
- Establishing the plan — A number of steps are required to formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and creating a record-keeping system. Our Shreveport, LA retirement plan consultants can manage and/or assist with each of these steps.
- Plan changes — Maybe you're unhappy with your current plan, or your business has evolved and you need a retirement plan consultant that can help your retirement plan adapt as you grow. Consultants can assist you in modifying your plan to accommodate business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, modifying contribution limits, or transitioning to a different type of plan to better meet your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we have access to a diverse array of analytical tools, resources, and experience to aid in the selection of investment options that ought to be made available within the plan. This includes assessing the performance of different investment funds, evaluating your employees' risk tolerance, and providing a diverse range of options to suit the different needs of different employees.
- Plan documentation — Retirement plan consultants help in drafting and maintaining all essential plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes adoption agreements for the plan, summary plan descriptions, and annual notices to participants.
- Ongoing participant education — Education is paramount to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants offer quarterly webinars to plan participants and offer one-on-one coaching for topics such as retirement planning, investment risk, and how to maximize their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions establish rigid guidelines for how companies need to stay legally compliant with their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can make sure your Shreveport, LA business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Shreveport, LA include:
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
Shreveport, LA Retirement Plan Consultants | Correct Capital
As you think about the future of your business and the welfare of your employees, providing a retirement plan should be front and center. With our comprehensive suite of services and dedication to working exclusively in your best interest, we'll help you lead your Shreveport, LA company and employees from where you are to where you want to go. To begin crafting a plan that matches with your individual business and objectives, reach out to a retirement plan consultant in Shreveport, LA today at 877-930-4015 or contact us online.
